Noida circle rates to go up, 17 35 per cent hike proposed
Officials announced to hike between 17% and 35% in circle rates of all categories
May 30, 2013
Source : The Times of India

 

NOIDA: Buying land or a house in Noida, Greater Noida or along the Yamuna Expressway may soon get costlier as the stamp and registry department has proposed to increase the circle rates by up to 35%. This proposal comes within days of the three development authorities hiking property rates by up to 30% after their board meeting on Saturday.

Officials said the revised rates are likely to be implemented from mid-July . "We have proposed a hike between 17% and 35% in circle rates of all categories, including residential, institutional , industrial and commercial . While a hike between 17-20 % has been proposed for the residential sector, institutional, commercial and institutional sectors will witness an increase in circle rates between 27% and 35%. However , the proposal is subject to clearance by the state government," said SK Singh, assistant inspector general (AIG), registrar department .

"The proposal will be sent to the district magistrate who in turn will send it to the Allahabad head office. This entire process will take at least a month and a half to be passed. We expect the fresh rates to come into force by mid-July ," he said.

Officials said that the hike in circle rates of the residential category will be dependent on the lease rent of a property, the rates of which are varied. In some lease deeds, the authorities charge 1% as lease rent, while in others 2.5% is levied ," the official said.

The allotment rates for group housing, residential and institutional properties have been increased by up to 15% and commercial and industrial land by 30% and 11.25%, respectively, in the Noida region. The Greater Noida Authority hiked allotment rates for land across all categories, except industrial , uniformly by 8.53%. The Yamuna Expressway Authority has upped its allotment rate by up to 15%.

The hike in both allotment and circle rates means that buying a house or any other property in Noida, Greater Noida or Yamuna Expressway will cost more. However, real estate players said that this will be a good way to develop the region.

"Even after the proposed rates are implemented, properties in Noida, Greater Noida and Yamuna Expressway areas will still be affordable if compared with Gurgaon. For developing infrastructure there is a need of funds and that can only be generated by increasing rates," said Amit Gupta, MD, Orris Infrastructure.

Latest Realty News

JLLI closes Pune's largest M&A deal of 2013 at Blueridge SEZ, Hinjewadi
May 30, 2013
Leading international property consultants Jones Lang LaSalle India have successfully concluded the largest M&A real estate deal in Pune this year to date. Acting on behalf of the company holding BlueRidge Special Economic Zone (SEZ) Phase 1, the Firm's Capital Markets team has successfully facilitated the sale of 100% equity in the company to IDFC Limited, one of India's largest domestic financial institutions.
Eden City launches “Homegain” – home owning option
May 30, 2013
Eden City Group one of the renowned real estate developers in the city with its flagship project Eden City Maheshtala has announced ‘Homegain’, an innovative home owning option. ‘Homegain’ home owning option is offered for its ready-to-move-in apartments that allow one to take possession of his new home by paying a minimum of 20% of the property value. The buyer is also required to sign a home loan agreement for the balance amount; the EMI for which starts after one year.
MCHI-CREDAI to focus on generation next developers
May 30, 2013
In a bid to strengthen its presence in Mumbai Metropolitan Region (MMR), developers body MCHI-CREDAI has decided to set up its Youth Wing and increasingly involve the generation next.
Noida Board approves Rs 10,017 crore budget
May 30, 2013
Noida Board on Monday gave its approval for a Rs 10,017 crore budget for the year 2013-14, which is 43 percent more than last year's budget.
Tata Housing ties up with NSC to create awareness about safety
May 30, 2013
Tata Housing on Wednesday said it has tied up with National Safety Council of India (NSC) to create awareness about importance of following environment, health and safety norms in real estate industry.
Property prices stagnant in Indore
May 30, 2013
Prices of residential properties in Indore continue to be stagnant compared to price of residential properties in Bhopal. It is despite the fact that both in the state are among 20 cities of the country, which have witnessed the maximum price hike in residential properties during January-March 2013 over the previous quarter, as per a study by the NHB (National Housing Bank) Residex.
Rajiv Awaas Yojana to make Allahabad slum-free
May 30, 2013
The city slums are set for a makeover. The slum dwellers would be provided concrete houses under a comprehensive project under the Rajiv Awaas Yojana. On Monday, a workshop was organized for the same where corporators and district authorities exchanged views, complaints and suggestions over it.
Road may eat into farmhouse land
May 30, 2013
As many as 200 south Delhi farmhouses may soon have to give up a part of their land for the expansion of proposed eight-lane Mandi Road. The project, connecting south Delhi to Gurgaon and Faridabad, requires acquisition of around 45 hectares of land and farmhouses along the Mandi Road stretch — on Chattarpur, Sultanpur, Gadiapur and Jonapur — are likely to be affected. Union urban minister Kamal Nath gave in-principal approval for the project on Monday and asked PWD and DDA to expedite the proce
Mumbai-Goa highway owes killer tag to delay in expansion
May 30, 2013
Four head-on collisions this week have killed eight people and injured 14 on the narrow Mumbai-Goa stretch of the NH-17, but work on widening the highway is unlikely to start before 2015.
Police seal chitfund offices in Odisha
May 30, 2013
Cracking down on ponzy scheme companies, Odisha police said three more offices of Seashore Group were sealed and one of the directors of Artha Tatwa (AT) Group was arrested today, official sources said.

Latest Realty News Of State

Realty Talk's